Connecting to the Shanghai Auto Show Volvo Cars also announced with confidence that its sales in China in 2015 is expected to grow faster than the overall market for premium cars as customers continue to be tempted by a new range of cars and it captures additional market share from its competitors, according to Håkan Samuelsson, President and Chief Executive Officer.
The bullish comments from the Swedish premium car maker’s CEO came amid concerns about a broader slowdown in the world’s largest passenger car market. The China Association of Automobile Manufacturers has said it expects passenger vehicle sales to rise 8 per cent to 21.3m vehicles in 2015, compared with 9.9 per cent growth in 2014.
The CEO said he expects growth in the overall market for passenger cars in China in 2015 to slow to between 5 and 7 per cent, with the premium sector staying reasonably buoyant with growth of between 5 and 10 per cent. Volvo’s growth will outpace the overall premium sector, he believed.
“It is going to be tougher, there’s no doubt about that. But there is still solid growth to be had, especially in the premium sector,” said Mr Samuelsson. China was Sweden’s largest individual market in 2014, with sales of 81,000 cars, 17.4 per cent of total retail sales.
Primarily the XC60 premium crossover, as well as the S60L, a long wheel base version of its S60 sedan, have driven Volvo’s sales in China.
Sales are expected to receive a boost in future from the launch of the all new XC90 seven seat SUV, which is available for purchase online now and will reach dealers in Autumn this year.
Volvo is enhancing its position in the premium sector in 2015, as the most luxurious vehicle ever built by the Swedish company in its 88 year history was unveiled at this year’s Shanghai Auto Show – an elegant and refined four-seater version of its recently-launched all new XC90.
This XC90 ‘Excellence’ has been crafted by Volvo to offer customers a distinct and individual automotive experience that incorporates the latest Scandinavian innovations in design, refinement, comfort and style.
The XC90 Excellence is based on Volvo’s all-new XC90 sports utility vehicle, but with just four seats compared to the original that has seven, an enormous amount of additional space for rear seat passengers is generated.
“This is our new flagship car,” said Thomas Ingenlath, Senior Vice President, Design. “Volvo has never launched a car like this before. This is the car that demonstrates what the word Volvo now means.”
“What we have designed is amongst the best rear seat experiences available in a luxury car,” said Mr Ingenlath. “The result is a superlative environment for relaxed comfort or doing business.”